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Caixa could collect 60B reais from asset sale in 5 companies

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Caixa could collect 60B reais from asset sale in 5 companies

Caixa Econômica Federal could potentially collect 60 billion Brazilian reais in four years from the planned stake sale in five companies, Valor Econômico reported.

The Brazilian state-owned bank is looking to sell its shares in Caixa Seguridade Participações SA, Caixa Cartões, Caixa Loterias, Caixa Banco Digital and Caixa Gestão de Recursos.

According to Caixa President Nelson de Souza, the incoming government of Brazilian President-elect Jair Bolsonaro will follow through with the program that the previous government was working on. The executive noted that his successor, Pedro Guimarães, will implement the plan of Paulo Guedes, the incoming economic minister, to privatize Caixa's businesses that are not tied to public policies.

Caixa said it spent 500.8 million reais on marketing-related activities as of November, compared to a 2018 budget for the items of 685 million reais. The bank noted that these activities "are focused on the leverage of businesses, products and services and have been reduced since 2016." Caixa was responding to a tweet from Bolsonaro that said spending on the activities was "absurd," with the president-elect adding that the expenses totaled 2.5 billion reais in 2018.

As of Dec. 13, US$1 was equivalent to 3.89 Brazilian reais.